Envestnet Asset Management Inc. Sells 27,851 Shares of Brown & Brown, Inc. $BRO

Envestnet Asset Management Inc. cut its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 3.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 713,444 shares of the financial services provider’s stock after selling 27,851 shares during the period. Envestnet Asset Management Inc. owned 0.21% of Brown & Brown worth $66,914,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Ashton Thomas Private Wealth LLC raised its stake in shares of Brown & Brown by 36.0% during the third quarter. Ashton Thomas Private Wealth LLC now owns 6,017 shares of the financial services provider’s stock worth $564,000 after buying an additional 1,594 shares during the last quarter. Hartford Investment Management Co. grew its holdings in Brown & Brown by 2.1% during the 3rd quarter. Hartford Investment Management Co. now owns 17,256 shares of the financial services provider’s stock worth $1,618,000 after acquiring an additional 349 shares during the period. Cornerstone Planning Group LLC raised its position in shares of Brown & Brown by 423.1% during the 3rd quarter. Cornerstone Planning Group LLC now owns 272 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 220 shares during the last quarter. Silphium Asset Management Ltd raised its position in shares of Brown & Brown by 20.1% during the 3rd quarter. Silphium Asset Management Ltd now owns 48,323 shares of the financial services provider’s stock valued at $4,532,000 after acquiring an additional 8,100 shares during the last quarter. Finally, Running Oak Capital LLC lifted its stake in shares of Brown & Brown by 10.2% in the 3rd quarter. Running Oak Capital LLC now owns 167,571 shares of the financial services provider’s stock valued at $15,716,000 after purchasing an additional 15,531 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Price Performance

NYSE BRO opened at $73.87 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.10 and a current ratio of 1.67. The stock has a market cap of $25.22 billion, a price-to-earnings ratio of 23.08, a PEG ratio of 2.23 and a beta of 0.79. The business has a 50 day simple moving average of $78.53 and a 200 day simple moving average of $86.07. Brown & Brown, Inc. has a 52-week low of $70.45 and a 52-week high of $125.68.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, January 26th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.02. Brown & Brown had a net margin of 17.84% and a return on equity of 12.93%. The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the company earned $0.86 earnings per share. The business’s quarterly revenue was up 35.7% compared to the same quarter last year. Analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 11th. Shareholders of record on Wednesday, February 4th will be issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Wednesday, February 4th. Brown & Brown’s dividend payout ratio is 20.63%.

Analysts Set New Price Targets

BRO has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upgraded Brown & Brown from an “underperform” rating to a “market perform” rating and dropped their price objective for the company from $80.00 to $73.00 in a report on Thursday, January 29th. Mizuho decreased their target price on Brown & Brown from $90.00 to $84.00 and set a “neutral” rating for the company in a research report on Wednesday, January 28th. Bank of America cut their price target on shares of Brown & Brown from $94.00 to $90.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 27th. Citigroup lowered shares of Brown & Brown from a “buy” rating to a “neutral” rating in a research note on Monday, November 3rd. Finally, Barclays lowered their target price on shares of Brown & Brown from $83.00 to $82.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 27th. Three research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $90.64.

Brown & Brown Company Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.